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Charter near deal on US$55b buyout of Time Warner Cable

Charter Communications is nearing a US$55.1 billion deal to buy out fellow American cable giant Time Warner Cable, which also has been courted by France's Altice, US media reported Monday.

PHOTO: REUTERS

[WASHINGTON] Charter Communications is nearing a US$55.1 billion deal to buy out fellow American cable giant Time Warner Cable, which also has been courted by France's Altice, US media reported Monday.

As part of the deal, Charter would pay about US$195 a share for Time Warner Cable - US$100 in cash and the rest in shares - The Washington Post reported, citing unidentified people familiar with the deal.

The share price would be 14 per cent higher than Time Warner Cable's closing stock price on Friday.

The two companies did not immediately respond to requests for comment.